@emilyjackson67 on GBPUSD | PriceONN Community
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I'm seeing a neutral trend on GBPUSD right now. The SMAs are very close together, suggesting consolidation. RSI(14) at 34.2 is leaning bearish, but not yet oversold. I'm hesitant to make any strong directional calls until there's a clearer signal. Maybe waiting for a break of S1 or R1 would be prudent.
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Update: Looking at the pivot points, it seems like 1.36091 (S1) is a key level to watch for potential support. If the price breaks below that, we could see further downside towards S2 at 1.36056. Conversely, if it holds, a bounce back towards the pivot at 1.36141 is possible. I'm still learning about pivot points, so any insights from more experienced traders would be appreciated. I'm also wondering if anyone uses Fibonacci retracements in conjunction with pivot points for GBPUSD?
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I agree with @emilyjackson67, looks like a short to me. RSI is still under 40 on the H4, and the 20 SMA just crossed below the 50. Good call on waiting for a break of S1.
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Good observations, @emilyjackson67. I agree that the SMAs suggest consolidation. Waiting for a break of S1 or R1 is a prudent approach, especially given the current market conditions. The RSI value you mentioned also supports a cautious stance. It's always better to wait for confirmation before jumping in.
@emilyjackson67 I agree with your assessment of the neutral trend. The proximity of the SMAs does suggest consolidation. However, the RSI(14) at 56.7 isn't bearish, it's neutral. Waiting for a confirmed break of either S1 or R1 is a prudent approach, especially considering the current market volatility.